Rewarding and Recognizing Top Sales Reps

STUDY OVERVIEW
BENCHMARK CLASS
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STUDY OVERVIEW

Sales leaders and organizations that regularly meet and exceed revenue targets have mastered the art of motivating their sales representatives. Organizations that desire to recruit and retain top sales personnel can use the findings in this study to determine strategies and best practices for understanding and engaging top-performing sales personnel. This study was undertaken utilizing key benchmark metrics and executive insights to assess current trends and future directions of rewards and recognition programs targeting top-performing sales representatives.

KEY TOPICS

Incentives for Driving Sales Performance
Incentive Program Investment
Incentive Program Excellence
Planning Successful Communications
Measuring Incentive Program Success

KEY METRICS

Sales Personnel Turnover Rates
Top-Tier Incentives Provided
Top-Tier Incentive Expenditures
Travel Reward Incentive Values
Cash Reward Incentive Values
Incentive Values of Points/Vouchers and Gifts/Prizes
Second-Tier Incentive Values
Second-Tier Incentive Expenditures
Effectiveness of Premium Travel
Effectiveness of "Other" Travel Incentives
Free Time Versus Planned Activities in Incentive Travel
Management Interaction in Incentive Travel
Accompaniment for Incentive Travel
Alternatives to Incentive Travel
Effectiveness of Cash & Voucher Incentives
Duration to Measure Incentive Program Effectiveness
Frequency of Incentive Program Communications
Modes of Incentive Program Communications
Rewards & Recognition Program Budgets
Rewards & Recognition Program Staffing

METHODOLOGY

This research was based on benchmark survey data and executive interviews of more than fifty participants from pharmaceutical, biotechnology, financial services and other industries requiring high-performing sales personnel.

Industries Profiled:
Health Care; Pharmaceutical; Diagnostic; Diversified; Financial Services; Manufacturing; Telecommunications; Consumer Products; Medical Device; Insurance; Service; Professional Services; Biotech

Companies Profiled:
Abbott; W.L. Gore and Associates; Vanguard; UNISYS; Thomson Healthcare; Telus Corp.; Telstra; Takeda Pharmaceuticals; Swift and Company; Smiths Medical; Schering-Plough; Ranbaxy; Pro-Pharma; PNC Financial Services; Oscient Pharmaceuticals; Orion Pharmaceuticals; Organon; Johnson & Johnson; Novartis; Nationwide Insurance; Merck; Marriott; Maritz; Lifetouch; Janssen Cilag Pharmaceutical; Roche; GlaxoSmithKline; Ethicon Endo-Surgery Inc.; Eli Lilly and Company; Electrolux Kelvinator Limited; Eaton Corp; Dey; Crest Healthcare; Countrywide Financial; Cintas; Cargill; Boehringer Ingelheim; Biovail; AstraZeneca; American Express

Table of Contents

RESEARCH OVERVIEW 3
Research Objective and Methodology 4
Study Background 5
Definitions and Segmentation 6
Benchmark Class 7
Participation Qualification 8
Sales Force Size 9
Sales Force Alignment 10
Unplanned Attrition (Turnover) 11

KEY FINDINGS 12
Incentive Travel 13
Driving Sales Force Performance 14
Incentive Program Investment 15
Incentive Travel – Pharma Data 16
Planned Incentive Travel vs. Vouchers 17

TOP TIER INCENTIVES 18
Top Tier Incentives – Overview 19
Top Tier Incentives – Total Value 20
Top Tier Incentives – Travel Rewards 21
Top Tier Incentives – Cash Rewards 22
Top Tier Incentives – Spend Points & Prizes 23

SECOND TIER INCENTIVES 24
Second Tier Incentives – Overview 25
Second Tier Incentives – Total Value 26
Second Tier Incentives – Travel Rewards 27
Second Tier Incentives – Cash Rewards 28
Second Tier Incentives – Spend Points & Prizes 29

INCENTIVE PROFILE: TRAVEL 30
Premium Travel Incentives 31
Other Travel Incentives 32
Incentive Travel Location 33
Allowing Reps to Choose Travel Destinations 34
Activity Breakdown 35
Planned Leisure Activities 36
Motivational Activities 37
Travel with Senior Leaders 38
Spotlight: Value of Interaction with Senior Leaders 39
Travel with Managers 40
Guests Invited to Travel Incentives 41
Alternatives to Travel 42
Spotlight: Premium Travel Tips 43

INCENTIVE PROFILE: VOUCHERS AND CASH 44
Definition and Objective 45
Spotlight: Travel vs. Vouchers and Cash 46

INCENTIVE EFFECTIVENESS 47
Incentive Types: Efficacy and Utilization 48
Rewards and Recognition Program Effectiveness 49
Spotlight: Avoid the Cash Trap 50
Incentive Measures 51
Spotlight: Reaping the Rewards of Successful Incentives 52

INCENTIVE PROGRAM COMMUNICATION
AND MESSAGING STRATEGIES 53
Communication Frequency 54
Communication Methods 55
Communication Budget Allocation 56
Communication Techniques 57
Communications Spotlight 58

INVESTMENT IN INCENTIVE PROGRAMS 59
Incentive Investment Relative to Size 60
Staffing Levels for Incentive Programs 61

LESSONS LEARNED 62
Incentive Programs Must Evolve 63
Program Transparency 64
One Size Does Not Fit All 65
Communicate, Communicate, Communicate 66

ABOUT BEST PRACTICES, LLC 67

Rewarding & Recognizing Top-Sales People

ID: PSM-224

Features:

Pages: 68

Published: Pre-2019

Delivery Format: Shipped

STUDY OVERVIEW

KEY TOPICS

KEY METRICS

METHODOLOGY

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